REG - Oriole Resources PLC - New Targets Identified from Soil Sampling at Mbe

Oriole ResourcesAnnouncement

13/08/2024 07:00

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RNS Number : 1591A  Oriole Resources PLC  13 August 2024

Oriole Resources PLC

('Oriole Resources' or 'Oriole' or 'the Company')

 

 Mbe Exploration Update: New Targets Identified from Soil Sampling, and Two

Trenching Programmes Completed at MB01 Prospect

 

Oriole Resources (AIM: ORR), the AIM-quoted gold exploration company focussed
on West Africa, is pleased to provide an exploration update for its 80%-owned
Mbe gold project in the Adamawa region of Cameroon ('Mbe' or the 'Project'),
where BCM International Limited ('BCM') is currently funding up to US$4
million in exploration expenditure.

Mbe is just one of five licences within the Company's broader package of
contiguous exploration licences, the 'Eastern CLP', which covers 2,266 square
kilometres ('km(2)') of ground prospective for gold deposits.

 

Highlights

 

·    Earlier this year, an infill soil sampling programme over the MB01
prospect ('MB01' or the 'Prospect', encompassing MB01-N and MB01-S targets),
had confirmed gold ('Au') anomalism of up to 8.17 grammes per tonne ('g/t').

·    Latest results from a second infill soil sampling programme over the
wider Mbe licence area have identified three further zones of gold anomalism
to the east of MB01, being MB02, MB03 and MB04, with results up to 0.28g/t Au.

·    Whilst initial results are lower than at MB01, these results are
still highly anomalous for soils and therefore all three zones present
attractive targets for potential satellite deposits to the main MB01
prospect.

·    Two phases of trenching at MB01-N and MB01-S have been completed,
totalling 7,055 metres ('m'), comprising:

o  A maiden trenching programme of 5,338m over nine trenches, approximately
200m apart.

o  A further seven trenches for 1,717m, which have infilled the above spacing
to 100m apart.

·    Initial results are anticipated in Q3-2024, and the Company
anticipates commencing a maiden drilling programme in the 2024/25 field
season.

 

Chief Executive Officer of Oriole Resources, Martin Rosser, said: "The latest
soil sampling results at Mbe, and the new targets generated for potential
satellite deposits to the main MB01 prospect, are most encouraging.
Separately, we look forward to reporting the results and geological
interpretation from the recently completed trenching programme, which will
determine the details of the maiden drilling programme."

Figure 1. Location of additional targets identified by the 100m x 50m infill
soil sampling campaign: MB01-S extension, MB02, and MB03. Presented on
regolith background, showing structures interpreted from ground geophysical
data and filtered (in-situ) geochemistry results.

 

Further Details

 

Mbe (licence area 312km(2)) is an early-stage orogenic gold project located
within the broader 2,266km(2) 'Eastern CLP' package of five contiguous
gold-focussed exploration licences in the Adamawa region in central Cameroon.
Since 2022, the Company's systematic exploration programmes have identified a
3 kilometre ('km')-long, northeast-trending prospect, MB01, which sits within
a wider 12.5km-long zone of gold-in-soil anomalism that trends east-northeast.

At MB01, increased dilation at the sites of structural intersections has
resulted in enhanced levels of gold deposition at the MB01-N and MB01-S
targets. Gold mineralisation at these targets comprises high-grade,
sulphide-rich quartz veins that occur within, or at the contact with, an
intensely altered felsic unit, which itself is mineralised and creates wide
envelopes of pervasive, lower grade gold mineralisation. Rock-chip sampling to
date has delivered results of up to 260.03g/t Au from outcropping quartz
veins, and up to 25.16g/t Au from artisanal pits (announcements dated 30
January 2023, 27 February 2023, 21 June 2023 and 22 January 2024).

Results from 4,537 infill soil samples  (taken on a 100m x 25m grid,
including QAQC) over the MB01 prospect, delivered up to 8,174 parts per
billion ('ppb') (8.17g/t) Au and identified three substantial zones of in-situ
gold mineralisation, the most significant being at MB01-S, where a greater
than 100 ppb Au soil anomaly extends over an area of 1.15km by up to 0.75km.
Analysis of the remaining 27 samples (including QAQC) from this grid did not
deliver any further significant results.

Full results have also been received for a second, 100m x 50m infill soil
sampling grid constructed over the wider Mbe licence, which focused on
identifying further parallel systems within the broader 12.5km-long zone of
regional soil anomalism (announcement dated 24 April 2024). Results from 4,694
samples (including QAQC) have returned 175 samples grading greater or equal to
0.30ppb Au. 76 of these results coincide with zones of depositional material
(alluvium), typically occurring along deeply incised river channels (Fig. 2),
and so the data has been filtered to remove these and therefore any bias to
the dataset (Fig. 1). The filtered soil sample results have identified three
zones, MB02, MB03 and MB04, with results up to 282ppb Au (or 0.28g/t Au).

MB02 appears to show similar structural controls as the main MB01-S prospect
and is underlain by saprolitic granite. MB03 and MB04 are underlain by a
saprolitic granitic unit and the distribution of mineralisation is more
diffuse. All three zones present attractive targets for follow-up, as
satellites to the main MB01 prospect.

 

Figure 2. Soil sampling geochemistry to date over the Mbe licence, with mapped
regolith background and structures interpreted from ground geophysical data.

 

All samples were analysed for gold at Bureau Veritas in Abidjan, Côte
d'Ivoire, using fire assay solvent extraction with an atomic absorption
spectrometry (AAS) finish. A review of the QAQC has confirmed that all data
falls within acceptable limits of error.

The following two phases of trenching have also been completed for a total of
7,055m at MB01, targeting the soil anomalism over the MB01-N and MB01-S
sub-prospects, where access and ground conditions have allowed:

o  A maiden trenching programme of 5,338m over nine trenches (MBT001 to
MBT009), completed at a spacing of approximately 200m apart.

o  A further seven trenches (MBT010 to MBT016) have been completed for
1,717m, which have infilled the spacing to 100m apart.

 
Figure 3. Trench plan showing the location of Phase 1 and Phase 2 trenches at
MB01, in relation to gold-in-soil anomalism at the Prospect. On Maxar
satellite image background.

 

Interpretation of the geology, in particular the structural controls, is
currently underway, as is the processing of the samples. Initial results are
anticipated in Q3-2024. The Company anticipates commencing a maiden drilling
programme in the 2024/25 field season.

Competent Persons Statement

The technical information in this release that relates to Exploration Results
and the planned exploration programme has been compiled by Claire Bay
(Executive Director, Exploration and Business Development). Claire Bay (MGeol,
CGeol) is a Competent Person as defined in the JORC code and takes
responsibility for the release of this information. Claire has reviewed the
information in this announcement and confirms that she is not aware of any new
information or data that materially affects the information reproduced here.

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

For further information please visit www.orioleresources.com
(http://www.orioleresources.com) , @OrioleResources on Twitter, or contact:

 Oriole Resources Plc                      Tel: +44 (0)23 8065 1649
 Martin Rosser / Bob Smeeton / Claire Bay

 BlytheRay (IR/PR Contact)                 Tel: +44 (0)20 7138 3204
 Tim Blythe / Megan Ray

 Grant Thornton UK LLP                     Tel: +44 (0)20 7383 5100
 Samantha Harrison / Ciara Donnelly / Elliot Peters
 SP Angel Corporate Finance LLP            Tel: +44 (0)20 3470 0470

 Ewan Leggat

 

Notes to Editors:

 

Oriole Resources PLC is an AIM-listed gold exploration company, operating
in West Africa. It is focussed on early-stage exploration
in Cameroon, where the Company has reported a Resource of 375,000oz Au at
2.30g/t in the JORC Inferred category at its 82.2%-owned Bibemi project and
has identified multi-kilometre gold and lithium anomalism within the
district-scale Central Licence Package project. BCM International is
currently earning up to a 50% interest in the Bibemi and Mbe projects in
return for a combined investment of US$1.5 million in signature payments, up
to US$8 million in exploration expenditure, as well as JORC resource-based
success payments.

At the Senala gold project in Senegal, AGEM Senegal Exploration Suarl
('AGEM'), a wholly-owned subsidiary of Managem Group, has recently completed
a six-year earn-in to acquire an estimated 59% beneficial interest in the
Senala Exploration Licence by spending US$5.8 million. A review of
expenditure and discussions on the formation of a joint-venture company are
currently underway. The Company also has several interests and royalties in
companies operating in East Africa and Turkey that could deliver future
cash flow.

 

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